Global management consultancy McKinsey & Company is launching a social enterprise competition for all undergraduate and postgraduate students in the UK and Ireland. Teams of 2-8 individuals are invited to submit their social enterprise idea that will create change in their communities. The idea may be at any stage of development: from a brand new idea to a business that is already running and trying to grow. The competition hopes to help students launch successful social enterprises.
The winners of the competition will receive seed funding and ongoing support from McKinsey consultants to transform their ideas into a real social enterprise. Semi-finalists will also be offered the opportunity to attend a workshop with some of UK’s social enterprise leaders. Last year, the majority of entries, as well as the winner, were very early stage ideas.
Ideas must be for businesses with a social or environmental focus. They may include profit or non-profit ventures. Evaluation will be based on an idea’s potential to become a viable business and to make a meaningful contribution to society or the environment.
McKinsey has not released a precise start date for applications but they are expected to begin in the next few months.
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